NIIT Technologies soars on securing Rs 228 crore Government project

NIIT Technologies, a global IT solutions organization headquartered in New Delhi has been assigned a contract worth Rs 228 crore from Border Security Force (BSF), the country’s premier paramilitary force tasked with securing the borders, for Intranet Prahari project. The project involves setting up of the complete infrastructure, network and applications to facilitate operations management, integrated financial activities, and human resources management for the force.

The scrip is currently trading at Rs 170.70 per share, up 12.55 points or 7.94% on the BSE. The stock opened at Rs 159 compared to its previous close of Rs 158.15. Intraday, the counter has touched a high and a low of Rs 174.40 and Rs 159, respectively.

So far 4,11,000 shares of the company were traded on the BSE. The stock of the face value of Rs 10 touched its 52-week high of Rs 203.90 on January 20, 2010 and a 52-week low of Rs 42.50 on March 12, 2009.

The promoters holding in the company as per December 2009 stood at 39.62%, FII and DII held 15.42% and 10.42% respectively while others were holding 35.54% in the company.

Border Security Force as a premier force has been growing steadily since its inception in 1965. Today, it has over 157 battalions, with another 27 battalions in 9 sectors and 3 more frontiers to be raised in a phased manner. Through the Intranet Prahari program all frontiers and battalions across the country would be connected to each other.

The supply and set-up of the entire infrastructure of the project includes establishment of a central data center, 10 mini data centers, a disaster recovery center and infrastructure in a total of 230 sector Headquarters and battalions. Applications on state-of-the-art technology would be configured and deployed across data centers and remote locations.

NIIT Technologies has a history of successful implementations of IT solutions for defence and paramilitary forces. It had executed a similar turn-key engagement for the Central Reserve Police Force (CRPF) called SELO, an acronym for Service and Loyalty. The company continues to provide support and maintenance services for this project.

The company has reported total revenue of Rs 129.31 crore for the quarter ended December, 2009 while the net profit of the company was Rs 29.14 crore.

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Tags: IT Sector, Market Updates, NIIT

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